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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 122,654 $ 129,176
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation of property, plant and equipment 126,112 122,921
Other amortization 19,134 17,896
Provision for credit losses (506) (20,642)
Loans originated, held for sale (108,695) (239,761)
Proceeds from sale of loans, held for sale 114,299 266,497
Gain on sales of investment securities, net and equity-method investment (8,123) (528)
Gain on sale of loans, net (1,449) (6,225)
Deferred income taxes (14,683) (7,355)
Share-based compensation expense 5,593 5,454
Allowance for equity funds used during construction (4,879) (4,568)
Other (3,858) (5,037)
Changes in assets and liabilities    
Increase in accounts receivable and unbilled revenues, net (101,641) (41,884)
Increase in fuel oil stock (119,890) (43,681)
Decrease (increase) in regulatory assets 12,956 (17,731)
Increase in regulatory liabilities 11,288 5,824
Increase in accounts, interest and dividends payable 62,115 2,683
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes 22,173 (1,818)
Decrease in defined benefit pension and other postretirement benefit plans liability (2,698) (3,834)
Change in other assets and liabilities (55,260) (39,800)
Net cash provided by operating activities 74,642 117,587
Cash flows from investing activities    
Available-for-sale investment securities purchased (366,177) (1,101,289)
Principal repayments on available-for-sale investment securities 209,094 320,597
Proceeds from sale of available-for-sale investment securities 0 197,354
Purchases of held-to-maturity investment securities 0 (187,172)
Proceeds from repayments or maturities of held-to-maturity investment securities 7,932 38,401
Purchase of stock from Federal Home Loan Bank (18,720) (32,780)
Redemption of stock from Federal Home Loan Bank 15,520 31,460
Net decrease (increase) in loans held for investment (212,744) 91,686
Proceeds from sale of residential loans 0 17,398
Capital expenditures (147,749) (148,414)
Contributions to low income housing investments 0 (6,478)
Other 15,813 7,805
Net cash used in investing activities (497,031) (771,432)
Cash flows from financing activities    
Net increase in deposit liabilities 81,324 486,473
Net increase in short-term borrowings with original maturities of three months or less 70,019 31,257
Net increase in short-term borrowings from non-affiliates and affiliates with original maturities of three months or less 153,305 39,995
Repayment of short-term debt 0 (65,000)
Proceeds from issuance of long-term debt 67,312 191,487
Repayment of long-term debt (15,030) (51,989)
Withheld shares for employee taxes on vested share-based compensation (3,079) (2,002)
Common stock dividends (76,602) (74,311)
Preferred stock dividends of subsidiaries (946) (946)
Other (318) (2,037)
Net cash provided by financing activities 275,985 552,927
Net decrease in cash, cash equivalents and restricted cash (146,404) (100,918)
Cash, cash equivalents and restricted cash, beginning of period 311,462 358,979
Cash, cash equivalents and restricted cash, end of period 165,058 258,061
Less: Restricted cash (5,386) (10,618)
Cash and cash equivalents, end of period $ 159,672 $ 247,443